Amerada Hess changes name
Posted: 3 May 2006
Amerada Hess Corporation received the necessary number of votes at its Annual Meeting of Shareholders to approve the change of its corporate name to "Hess Corporation".
"The HESS brand is firmly established in our marketing and refining operations, readily recognized by our customers and in the communities we operate, and increasingly identified with our global exploration and production activities," said John B. Hess, Chairman and Chief Executive Officer.
"This corporate name change strengthens recognition of our brand across all of our activities."
To reflect the name change, the company's stock symbol will be changed to 'HES,' and shares will begin trading under the new symbol on May 9, 2006.
Immediately following the Annual Meeting, the company declared a stock dividend to effect a three-for-one (3:1) stock split.
Record holders of the Company's common stock as of the close of business on May 17, 2006 will receive two additional shares for each share held at that time.
The additional shares will be distributed on May 31, 2006.
Stockholders also approved the election of four directors, the ratification of the selection of independent auditors for 2006 and a compensation plan to limit certain compensation of designated senior officers of the company in order to comply with Section 162(m) of the Internal Revenue Code.
Posted by Richard Price, Editor, EnergyME.com
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